ASKING PRICE

The set price for a home.

BOND ORIGINATOR

Help buyers find the best deal on their home loan.

CONVEYANCER (Transferring Attorney)

Attend to the paperwork/legalities for a transfer.

DEPOSIT

Upfront cash by the buyer upon acceptance of an offer to purchase – roughly 10% of the asking price.

GENERAL VALUATION ROLL

Document that presents a value upon which municipal rates will be calculated until a new roll is issued.

HOUCE PRICE APPRECIATION

Percentage of growth calculated based on average house prices in the area. It can provide an indication of how much more a property will cost in a year’s time.

INTEREST RATES

The rate at which interest is calculated on debts and home loans. The base rate of banks is the Prime lending rate.

OFF-MARKET SALE

Property for sale but not yet been publicly advertised.

PRE-APPROVAL

Certificate issued by a bank which provides a buyer pre-approval of a certain loan amount.

RESERVE PRICE

Minimum price set for a property when sold via auction.

SOLE MANDATE

Written agreement that a property is the responsibility of a single agent for a period.

TURN-KEY PROPERTY

Property that is move-in-ready, no renovations.

UNCONDITIONAL OFFER

An offer to purchase not subject to other conditions, for example a private home inspection, or a home loan.

ZONING

The type of property that can be built on a plot of land.